Program for instant verification of benefits increasing admission rates for treatment centers

What does Verification of Benefits Mean To Patients?

Verification of benefits is one of the most crucial aspects of revenue cycle management. Its importance is undeniable when you consider the perspective of providing a luxury service to your patients. Moreover, you are removing a huge barrier between them and their crucial medical treatment. Since medical institutions want to provide the best service possible to their patients, they must include Verification of Benefits. However, it’s impossible to include VOB if you don’t know what it is. Therefore, we’ll explain what is VOB and its main benefits in this blog post. Keep reading to learn more.  

What Is Verification of Benefits? 

Why is it important to verify addiction treatment insurance coverage online

Verification of benefit (VOB) is a part of the healthcare billing service. It means your medical institution will get compensation from the insurance provider if the care is given to the patient. This step is crucial because if you start treating patients with VOB, you don’t know whether the patient’s medical insurance covers the services you provide. As a result, your revenue cycle is damaged, and you lose money instead of making it.  

There’s a list of documents that follow VOB, ensuring whether you’re in-network or out-network with the patient’s medical plan. Here are all the documents you need to conduct VOB.  

  • Patient’s date of birth 
  • Patient’s first name  
  • Patient’s last name  
  • A front and back copy of the patient’s insurance ID  

When you have this information, it’s best to save it on your electronic health records (EHR) for future reference. Next, you should call the number on the back of the insurance card to verify the benefits information. This ensures the insurance company won’t deny your claims. Most medical institutions record this conversation as proof. Moreover, it would be best to inquire about the expiration date of insurance for safety measures.  

How Does VOB Apply To The Patient 

Providing medical services on insurance is a risk for medical institutes. Some patients walk in with expired insurance, or their plan doesn’t cover the treatment they request. VOB has a significant impact on both the patient and the medical institution. Here is how it applies to the patient.  

One thing to note about VOB is that the patient’s responsibilities change depending on the services provided by the medical institution. For instance, some insurance companies cover routine visits while others don’t. In that case, you can’t simply fetch data from your computer and request the insurance company for payment at month-end. Instead, you’ll need to feed this information into the system to keep a reminder. Otherwise, you’ll often make this mistake and damage your billing cycle.  

Payment Terms Between Insurance Provider and Patient 

Verification of benefits applies to the patient’s financials and affects the revenue cycle of a medical institution. Inquiring benefit details from the insurance provider is one thing. However, verifying how much the patient will pay and how much is covered is also important.  

We have over 600 million dollars in historical data we can reference to estimate daily addiction treatments reimbursement rates.

This information will help you manage your books. The amount the patient must cover is provided immediately after discharge. The insurance company covers the rest of the payment, which takes weeks to months. Therefore, knowing how much you should charge the patient allows you to keep cash in your business and keep things running smoothly.  

What Health Insurance Plans Are Covered 

Sometimes, health insurance companies might not cover certain medical plans. In this situation, it’s important to find out what care you can provide to the patient. You can get this information by calling the insurance agency and clearly stating the services you will provide. For instance, if you provide mental health services, it’s important to mention that to the insurance agency representative. Afterward, you’ll receive a confirmation of the services that are covered.  

In some cases, patients try to avail their medical insurance at IV bars. While insurance providers cover medical IVs, skin booster IVs aren’t. Therefore, stating the services you’re going to provide will help streamline things and allow you to manage your billing cycle. If this information is unclear, you’ll be shooting arrows in the dark since you don’t know how much money you’ll get from the insurance provider.  

Outsource Medical Billing To Instant Verification of Benefits 

Instant verification of benefits is a quick and easy solution for managing patient benefit verification. We provide reimbursement forecasting and data-driven metrics. Moreover, we are HIPAA compliant and secure. If you are looking for an easy solution to revenue cycle management, instant verification of benefits can help.

Advantages of instant verification of benefits include:

  • take the guesswork out of insurance payments
  • instant verification allows verification on nights and weekends
  • catch termed policies without waiting on hold with insurance payors
  • quickly get updates on insurance deductibles
  • we are the most affordable instant insurance verification solution

If you think you can benefit from instant verification of benefits do not hesitate to call us now.  Dial 561-530-5755 or visit our website for more information.  We would love to set up a no obligation free demo to talk about increasing your admission rates. 

How Substance Abuse Billing Companies Are Helping Patients Seeking Treatment and Rehab Owners Alike

Substance abuse billing companies are playing a pivotal role in the addiction treatment industry helping those seeking drug and alcohol addiction treatment. Substance abuse billing companies are also helping drug rehab owners increase revenue with specialized knowledge in the drug and alcohol addiction treatment billing industry.

Substance Abuse Billing Companies Understand How the Insurance Companies Operate

An experienced Substance Abuse Billing company is an essential weapon in your arsenal when seeking reimbursement for claims for addiction treatment services. Are you submitting claims with incorrect modifiers, incorrect CPT codes or outdated HCPCS codes? Are you being reimbursed the maximum allowable amount on every claim? These are important questions you can confidently answer “yes” to when you’re working with an experienced Substance Abuse Billing company.

The prevalence of improper billing and inconsistent collection practices are increasingly common throughout the Substance Abuse Billing industry. Too often we see lost revenue because of unwillingness to investigate denials and/or rectify improper pricing because of a third-party administrator or insurance company error. Knowing exactly who to call and how to fix these errors is the difference between and experienced and inexperienced Substance Abuse Biller.

What the guarantor can expect financially when a loved one is receiving treatment for a Substance Abuse Disorder or Mental Illness

As a guarantor responsible for the financial end of Substance Abuse or Mental Health treatment, there can sometimes be a cash bill left over after insurance pays their portion. This is commonly referred to as the “Patient Responsibility”.  The worst-case scenario would be assuming the liability for unpaid claims resulting from Substance Abuse Billing and/or Collections errors. While the practice of balance billing patients may be unlawful under the No Surprises Act in states like Texas, other states may not offer these protections to patients seeking Substance Abuse Disorder or Mental Health Treatment. As a patient, it is very important for you to know your rights when receiving treatment to avoid unnecessary financial liability.

The Application of Experienced Substance Abuse Treatment Billing and Collections

The struggle to find a Substance Abuse Disorder or Mental Health Treatment facility can be exhausting for patients and their families. Both the clinical and medical capacity of the facility to properly treat the patient’s Substance Abuse and/or Mental Health should always be the paramount concern. Unfortunately, limitations dictated by the insurance plan’s coverage can play a role in finding a Substance Abuse Disorder or Mental Health Treatment facility if private funds are unavailable for treatment.

The Verification of Benefits performed at the request a Substance Abuse Disorder or Mental Health Treatment facility is the key indicator of insurance coverage limitations as well as a patient’s financial responsibility. Typically, Insurance Companies will recommend an In-Network Provider to ease both the financial burden for the patient as well as the Insurance Company. Inexperienced Substance Abuse Billing companies can fall victim to a misquote of benefits, potentially leaving a patient with a large financial responsibility if the patient’s plan lacks proper coverage.

Finding the Right Solution for the Patient

Once a patient finds the appropriate provider or facility to render Substance Abuse Disorder or Mental Health Treatment, an Intake Assessment is performed to address the underlying reasons for coming to treatment. This information is provided to a Utilization Review team that is responsible for advocating the patient’s medical necessity for treatment to the insurance company. This process, also known as Prior Authorization, is essential for the services to be pre-approved for reimbursement by the insurance company. This process also determines the length of stay, which is also affected based on the patient’s progress in treatment. In some cases, daily assessments can even be required to authorize further coverage.

An experienced Substance Abuse Billing company thoroughly understands this process and, in most cases, develops a professional relationship with Utilization Review teams at most major Insurance Companies. Advocating for a patient’s treatment services requires a strong understanding of each insurance company’s criteria for Medical Necessity, which in some cases can be more onerous than even state regulations for Substance Abuse and/or Mental Health treatment! While the patient’s treatment plan is dictated by the attending provider at the Substance Abuse Disorder or Mental Health Treatment facility, a claim denial may arise if claims lacking Prior Authorization are denied by the insurance company. When this happens, it is essential that an experienced Substance Abuse Billing company understands the intricate process of appealing a denied claim. Understanding the appeals process can be the difference between a patient assuming financial liability for unpaid claims or being covered by their insurance carrier.